A great example is the use of RFPs for procurement. An antiquated process that is heavily invested in the human intellect to interpret, sort and synthesize pages and pages of precise requirements from the vendor. This workflow identifies three problems in the RFP process: reliance on manual processes, overuse of the RFP and lack of clear communication.
Automation Is The Future
What does the future hold for the evolution of the RFP?
In a brief glimpse: automation. Digital transformation has swept across industries and changed the world, including the RFP process. According to research, in the last 10 years advances in technology have cut RFP contract signing from 12 months to 6 months. A shorter timeline is not the only improvement, across verticals, many businesses are graduating to completely digital submissions. The paperless cost savings are just the beginning of ways businesses can save on the RFP process.
The bright future operates on technology that moves businesses operations forward at lighting speed. A tech solution for RFP management can multitask on many RFP requirements. Powered by AI and NLP technologies, the solutions are customizable and flexible for businesses, an advantage which gives the user control and increases productivity. Centralized knowledge libraries breed efficiency in proposal management as do collaboration matrixes for proposal teams.
Content Analytics Platform
As the tech solutions become more sophisticated for the procurement industry, it emphasizes the need for a holistic perspective rather than standalone solutions as a panacea. The early adapters of the software have seen the standardization of digitization sweep industries. In fact, research has shown that 84 percent of chief procurement officers support digitization to improve procurement performance.
If the overarching goal of the RFP process is better partnerships, a complete platform like a content analytics platform built for RFP issuers and responders is necessary. While a sourcing or proposal only tool may solve specific inefficiencies, a holistic, agile solution empowers the user to change the process.
A centralized place for buyers and sellers to connect is conducive for transparency and visibility. A complete platform reduces costs and inefficiencies and improves communication, necessary components for winning business.
Welcome To The Future
An exciting thing about the future is that it is full of opportunities that can be explored. With the introduction of robust tech solutions, RFP as a process for doing business can be redefined. In the past, RFPs tended to be voluminous documents with an endless sea of questions that required precision and concentration in the response. The RFP of tomorrow could contract to a brief, clear and to the point document that is heavy on strategy and light on number of pages. And that is a future we want to be a part of.